Eden Prairie, Minnesota, August 26, 2025
News Summary
A $55.62 million financing package has been arranged to build The Fox & The Grouse Phase II, a six-story, 188-unit apartment building in Eden Prairie’s Golden Triangle. The capital includes a $39.12 million construction loan and $16.50 million in joint-venture equity to support immediate construction. The development will feature a mix of studio to three-bedroom homes, with 25% of units reserved as affordable housing at 50% and 80% AMI. Planned amenities include an outdoor pool, wellness center, golf simulator and underground parking, and the site preserves over nine acres of wetlands and links to a future light rail station.
The Fox & The Grouse Phase II in Eden Prairie Lands $55.62M in Joint-Venture Equity and Construction Financing
A new six-story apartment project in Eden Prairie’s Golden Triangle has secured financing to move into construction. A combined package of $55.62 million in joint-venture equity and construction lending was arranged for The Fox & The Grouse Phase II, a 188-unit multi-housing development located at 6901 Flying Cloud Dr. The financing deal includes a three-year, floating-rate construction loan and an equity investment to help start work immediately in August 2025.
Major financial pieces and partners
The construction loan portion totals $39.12 million and was placed through MidWestOne Bank. An additional $16.50 million in joint-venture equity was sourced from Amstar Group. The financing was arranged on behalf of the project sponsor by a capital markets advisory team that represented the sponsor in the transaction. The project team expects to break ground in August 2025, with construction moving forward along a timeline that aligns development with nearby transit improvements.
Project basics and housing mix
The Fox & The Grouse Phase II will deliver 188 apartments across six stories and about 167,312 square feet of rentable space. The unit mix will include studios and one-, two- and three-bedroom homes. Parking will be provided in the form of 263 stalls, for a parking ratio of 1.40 spaces per unit, including underground parking.
Affordable housing element
One-quarter of the homes in the building are designated as affordable. Those affordable units will be offered at income bands set at 50% and 80% of area median income (AMI), helping to preserve and add lower-cost options in a suburban location.
Amenities and design
The building will include a range of resident amenities designed to support active and work-from-home lifestyles. Planned features include an outdoor pool, a golf simulator, a club-quality wellness center, dedicated work-from-home spaces, a theater room, a club room and a private dining area. The project was designed by BKV Group.
Site context and environment
The site includes over nine acres of wetlands, which the developer intends to preserve and use to connect residents with nature. The project is the second phase of a larger transit-oriented development (TOD) that will directly connect to the Golden Triangle Station on the Southwest Light Rail Transit (SWLRT) Green Line Extension. That rail extension is scheduled to open in 2027, improving direct access to Downtown Minneapolis, the University of Minnesota and the MSP airport.
Why this location matters
The Golden Triangle is a major suburban employment hub, home to an innovation district that includes hundreds of companies and thousands of jobs. This project aims to place new housing close to those employers and to the light rail station to support shorter commutes and transit use.
Broader market notes
The surrounding market has seen a mix of older garden-style communities and new apartment development. Recent activity in Eden Prairie includes a suburban garden-style asset sale and planned upgrades to existing properties, reflecting investor interest in stable suburban rental markets. Local data show that much of the new apartment construction in the metro has shifted to suburban locations in recent years, and transit improvements are playing a growing role in project planning.
Project team and advisory
The capital markets advisory team that arranged the financing was led by multiple advisers who represented the sponsor in the transaction. The financing package combines traditional construction lending with partner equity to move the project from planning into construction.
What’s next
Groundbreaking is slated for August 2025. With the SWLRT extension due to begin service in 2027, the project schedule positions the new apartments to come online near the start of improved transit service. The development will add housing variety to Eden Prairie with on-site amenities and a portion set aside for lower-income renters.
Frequently Asked Questions
What is The Fox & The Grouse Phase II?
It is a planned six-story, 188-unit apartment building in Eden Prairie’s Golden Triangle, designed to include a mix of studios and one- to three-bedroom units and extensive resident amenities.
How was the project financed?
The development secured a combined $55.62 million package consisting of a $39.12 million construction loan and $16.50 million of joint-venture equity.
When will construction start?
Construction is scheduled to begin in August 2025.
How much of the project is affordable housing?
Twenty-five percent of the homes will be designated as affordable at income limits set at 50% and 80% of area median income.
What transit connections will be available?
The project is part of a transit-oriented development tied to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, which is expected to open in 2027.
Key Project Features
| Feature | Details |
|---|---|
| Project name | The Fox & The Grouse Phase II |
| Location | 6901 Flying Cloud Dr., Golden Triangle, Eden Prairie, MN |
| Units | 188 units (studios, 1BR, 2BR, 3BR) |
| Total financing | $55.62 million (equity + construction loan) |
| Construction loan | $39.12 million, three-year, floating-rate |
| Joint-venture equity | $16.50 million |
| Rentable area | 167,312 sq ft |
| Parking | 263 stalls; 1.40 spaces per unit; underground parking |
| Affordable units | 25% at 50% and 80% AMI |
| Amenities | Outdoor pool, golf simulator, wellness center, work-from-home spaces, theater room, club room, private dining |
| Design | BKV Group |
| Site features | Over nine acres of wetlands, transit-oriented site |
| Transit | Direct connection to Golden Triangle Station on SWLRT Green Line Extension (2027) |
| Groundbreaking | August 2025 |
Deeper Dive: News & Info About This Topic
Additional Resources
- YieldPro: The Fox & The Grouse Phase II
- Wikipedia: Eden Prairie, Minnesota
- Multihousing News: FPA Multifamily Acquires in Minnesota
- Google Search: FPA multifamily acquires Minnesota
- ReBusiness Online: Redwood Capital Group acquires 375-unit in Eden Prairie
- Google Scholar: Redwood Capital Group Eden Prairie acquisition
- Multifamily Dive: Redwood makes $43M acquisition in Minneapolis suburb
- Encyclopedia Britannica: Minneapolis
- TwinCities: Does Eden Prairie have the right level of affordable housing?
- Google News: Eden Prairie affordable housing
